Google Cloud's $3 billion quarter shows strong but slowing growth, even as Google reported its first quarterly revenue decline since going public (GOOG, GOOGL)

Google

• Alphabet reported earnings on Thursday, disclosing that Google Cloud generated over $3 billion in revenue — up 43% from the same period of last year.
• Last quarter, Google Cloud saw a 52% year-over-year increase, showing that revenue growth in the unit is slowing down.
• On a call with investors, Google CFO Ruth Porat attributed the slowdown to price changes at G Suite, its productivity software suite. 
• Google Cloud was still a bright spot on Alphabet's earnings report, which saw Google report its first quarterly revenue decline since going public.
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Google Cloud's revenue growth is showing signs of slowing down, but Google is still investing aggressively in the unit by spending big on hiring and building new data centers.

On Thursday, Alphabet announced that Google Cloud generated over $3 billion in revenue this past quarter. That's a 43% increase from the $2.1 billion it posted over the same period last year. Still, that rate of growth is down from the previous quarter, when Google Cloud saw a 52% revenue increase, year-over-year.

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